PhonePe solidified its dominance in India’s digital payments market in July, handling nearly half of all UPI transactions amidst a record-breaking volume of 23.66 billion transactions nationwide.
PhonePe widened its lead in India’s unified payments market in July, even as the wider UPI system hit a fresh monthly high, according to data released by the National Payments Corporation of India.
The Walmart-backed payments app handled 10.86 billion transactions during the month, up from 10.48 billion in June. That gave it a 45.89 per cent share of UPI volumes and a 48.33 per cent share by value, with payments worth ₹14.44 lakh crore.
Google Pay stayed in second place, with transactions rising to 7.65 billion from 7.41 billion the previous month. It accounted for 32.33 per cent of UPI volume and 33.51 per cent of value, processing payments worth ₹10.01 lakh crore.
Together, PhonePe and Google Pay handled more than three-quarters of all UPI transactions in July, and just over four-fifths of transaction value. That concentration underlines how little has changed at the top of India’s digital payments market, despite a growing field of competing apps.
Paytm remained third, with 1.90 billion transactions, up from 1.80 billion in June. It processed ₹2.05 lakh crore in payments, giving it an 8.05 per cent volume share and a 6.85 per cent value share.
Navi held fourth place with 947.08 million transactions, followed by Flipkart-backed super.money, BHIM, FamApp by Trio and WhatsApp. CRED dropped to 10th from ninth in June, though it still processed ₹59,279 crore in UPI payments, far more than its volume ranking might suggest.
Overall, UPI processed 23.66 billion transactions worth ₹29.88 lakh crore in July, a record monthly tally, according to the NPCI data cited by The Hindu BusinessLine. Separate government data released by the Press Information Bureau this month said UPI had 55.49 crore users as of June 2026 and processed 24,161.69 crore transactions worth ₹314.23 lakh crore in the 2025-26 financial year, underlining the scale of the network’s expansion.
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